Previously announced in the third quarter 2023 financial and operating results on
The Pilot performance data confirms the successful operation of the Clean Tech Inverter (“CTI”), which is the radio frequency (“RF”) ‘engine’ critical to Pilot success. A primary objective of the Pilot was to demonstrate the operation of the CTI and its effectiveness in transmitting temperature downhole to increase oil production. Other significant milestones achieved include:
Acceleware drilled and completed the first of its kind multilateral heating well and associated production well in a previously produced heavy oil reservoir.- The RF XL system (including the CTI) demonstrated unprecedented performance with the longest continuous run (142 days) and highest power (up to 250 kW) of any RF heating system.
- Maximum design current was transmitted from the CTI, through the proprietary transmission line, and radiated to the reservoir.
- Increased reservoir temperature and oil production were observed in the Pilot.
- The temperature profile and oil production increase matched simulated predictions given the levels of power radiated.
Additionally, critical components of the proprietary RF XL subsurface technology functioned as designed and expected.
The workover was undertaken to address a distributed temperature sensing system (“DTS”) failure, during which time the engineering team took the opportunity to examine downhole components. As the workover progressed, an issue was discovered with the downhole RF XL system resulting from water ingress into the RF transmission line during deployment and operation of the Pilot. Some moisture had been anticipated and was initially addressed via the Pilot’s nitrogen purge and pressurization system which is designed to remove and prevent the return of fluids. Further analysis following the workover suggests that this system was not able to manage the moisture levels encountered, resulting in degradation of some proprietary downhole components. For clarity, the moisture ingress issue pertained to tubing connections, not to core RF XL technology nor RF XL electronics.
“With the depth and extent of the analysis, design work, and lab testing that we have done since the workover was paused, the
RF XL is expected to be a transformative decarbonization technology for heavy oil or oil sands production. Not only can it eliminate direct GHG emissions from production, meaning it requires no carbon capture, but it would also eliminate the requirement for fresh water and significantly reduce land footprint. RF XL is also expected to lower capital costs by 50 percent and operational costs by 40 percent, providing the potential for this decarbonization technology to play a key role in the energy transition.
RF XL is the first of several electrification of industrial heating applications that
E-house at
About
The Company’s seismic imaging software solutions are state-of-the-art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies.
Disclaimers
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations or negatives of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might”, “shall” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
In this news release, forward-looking statements relate to, among other things, statements relating to the benefits of RF XL, future operation of the Pilot, prospective performance of the Company, the status and advancement upgrades and repairs, the anticipated development, application and market potential of CTI, and the expected cost, and timing of the expanded upgrade program. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The material facts and assumptions include failure analysis conducted to date is accurate, cost estimates are accurate, and that conclusions derived from experimental data are accurate. Actual results may vary from the forward-looking information in this news release due to certain material risk factors. The Company cautions the reader that the above list of risk factors is not exhaustive and additional risk factors risk factors are described in detail in Acceleware’s continuous disclosure documents, which are filed on SEDAR at www.sedar.com. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Tel: +1 (403) 249-9099
geoff.clark@acceleware.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/49798b2c-bb0f-4898-a6c4-283210fdeb28
Acceleware Limited
E-house at Acceleware's RF XL Commercial-Scale Pilot Test at Marwayne, AB . July 2023
2024 GlobeNewswire, Inc., source